Start a savings account for your first home

Monday September 29, 2008

Many young people dream of owning their first home. But with rising costs of living, that dream is getting further and further away. But with the right savings accounts and the right lifestyle, you can have that house sooner. It might mean a few sacrifices, but it'll be worth it in the end.

To buy that house sooner, consider:

• Setting up a savings goal and a realistic timeframe. Depending on how much you want to spend on your fist home, your savings for the deposit may vary.
• Creating a realistic budget. There is no reason to live like a monk. If you create a budget that includes a few indulgences, then you'll be less tempted to discard your budget and make a dent in your savings accounts.
• Being strict with how you use your credit cards. Pay off credit card debt as quickly as possible.
• Putting extra money, such as pay-rises and bonuses, into your savings accounts.

Another option open to first home buyers is the First Home Saver Account. The First Home Saver Account is the new government funded savings scheme for first home buyers. Learn more about the First Home Saver Account. Other options include term deposit savings accounts or a high interest saving account.

If you use your money wisely, you will soon have a sizeable deposit for your fist home. If you want further help, consult your professional financial advisor.

Compare savings accounts and find the right savings account for you and start saving for your house now.

Back to News Index | Back to Home